Frank Ng

Frank Ng

Irvine-based Allied Esports Entertainment is dropping a proposed share sale that aimed to raise up to $15 million, while board chairman Lyle Berman has pledged to buy up to $2 million in newly issued common stock.

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The global esports entertainment company, headed by chief executive Frank Ng, gave no reason for the change, in a statement issued today. Allied said it will withdraw its registration statement with the SEC.

Shares in Allied Esports (Nasdaq: AESE) rose 3% after the announcement to $2.50 a share and a $60 million market cap.